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Bitcoin, which had been on a steady upward trend until recently, is now in a correction near $60K, but the market is not hiding its expectations for a more explosive price rise. Now, let's take a look at Bitcoin's recent rise, now that many experts predict that even if there is a correction, there will be no decline like in 2018.
If you look at the chart below, you can see that Bitcoin movements are different than before.
The chart shows that Bitcoin price peaked in April 2021 and showed the most significant decline in 10 years, 36%. Then, in October, with the approval of an Exchange Traded Fund (ETF) in the United States, Bitcoin price went up once again.
The approval of the first U.S. futures ETF, which is expected to expand the Bitcoin investor base and accelerate entry into the system, is a big issue. A second U.S. futures ETF has now been approved, and although the spot ETF has not yet been approved, it is highly likely to happen soon. El Salvador, which recognized Bitcoin as a fiat currency this year, an additional 420 Bitcoins were purchased during the decline period this week. The Houston Firefighters' Relief and Retirement Fund (HFRRF), which manages the US public pension fund worth $5.5 billion, announced that they had also recently purchased $25 million worth of Bitcoin and Ethereum. Bitcoin miners also appear to be increasing their holdings, supporting the $60K price amid continued positive market sentiment for Bitcoin.
With the current situation where good news for Bitcoin continues to emerge, how far will the Bitcoin price go up in 2021?
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